Ashley Highfield sought to put company on a more secure financal footing.
Photograph: Daniel Jones

It appears that the City has just woken up to the drama that is Johnston Press. According to a Daily Telegraph report, the chairman has called in restructuring experts to help the debt-saddled newspaper business.

Camilla Rhodes, who has chaired the company for just a couple of weeks, is said to have asked Rothschild to examine Johnston’s refinancing options.

The publisher of the Scotsman and Yorkshire Post, which has a current market capital of less than £20m, owes £220m in bonds that are due to mature in 2019.

Her action follows a report in the Sunday Times that Johnston Press’s chief executive, Ashley Highfield, is facing a battle to keep his job because shareholders are upset about his strategy.

The largest shareholder is the activist fund Crystal Amber, with a stake of 20.4%, and its representatives are expected to meet Rhodes this week in order to question her about the company’s management.

Immediately after becoming CEO in 2011, Highfield set about reducing costs. In 2014, he negotiated a refinancing deal that was aimed at putting the company on a more secure financial footing.